Ksantangelo23
I just visited the Mint.com website and it looks like a great tool! Thank you for the practical advice. I'm creating an account now. Since I live overseas most of the year, this seems like something that would be a big help.
Much appreciated 
This happened to me too!
I opened my Bank of America Cash Rewards Secured Credit Card around April of 2013.
Then it was around May when I noticed a $39 charge for an Annual Fee.
I called BoA and asked them why I was being charged $39 when technically i'm using my own money for the credit thus Secured (I didn't know much, then! lol).
Anyway, they explained that it's included in the service agreement. I mentioned that it wasn't fully disclosed to me when I opened my account thru a BoA associate at a bank location. They said they can waive the fee for that year but all other succeeding fees won't.
Fast forward to 2014, I got billed that same amount. I tried to call for a force graduation (it's been 1 year since I opened the account) but I got declined.
Another fast forward to May 2015, I just woke up and found out that they automatically graduated my account from being secured! I got another charge for the annual fee early May 2015.
I called today and requested to have my credit card changed from Cash Rewards to Travel Rewards and was granted!
So no more annual fee for me! Hope this helps!
@kimjks2003 wrote:This happened to me too!
I opened my Bank of America Cash Rewards Secured Credit Card around April of 2013.
Then it was around May when I noticed a $39 charge for an Annual Fee.
I called BoA and asked them why I was being charged $39 when technically i'm using my own money for the credit thus Secured (I didn't know much, then! lol).
Anyway, they explained that it's included in the service agreement. I mentioned that it wasn't fully disclosed to me when I opened my account thru a BoA associate at a bank location. They said they can waive the fee for that year but all other succeeding fees won't.
Fast forward to 2014, I got billed that same amount. I tried to call for a force graduation (it's been 1 year since I opened the account) but I got declined.
Another fast forward to May 2015, I just woke up and found out that they automatically graduated my account from being secured! I got another charge for the annual fee early May 2015.
I called today and requested to have my credit card changed from Cash Rewards to Travel Rewards and was granted!So no more annual fee for me! Hope this helps!
The point is. Know exactly what you are getting. Including fees involved. And no. You were not using your own money. Your money was collateral. Misconception with AF. You should always earn more than you pay nim af is 100 a year. You can be sure I get 6 times that much back in usage and cash. 39 cash rewards. With 3percent cash back on gas. For me. 15k a year in gas = $450 cash back. So I pay $39. $411 net profit. Per year. No problem with af. Not to mention groceries.
Yes, exactly! And like I said, that's how I used to see it cause I didn't know better then.
But Bank of America has been really good to me and I have no complaints about their charges.
As implied in your computation, it's definitely worth it.
Yeah. I agree with the comments above. I knew there is an annual fee of $39. I accepted it as I did not want an inquiry without an actual line. I will use it as my intended purpose solely as a gas rewards during now bonus quarters from Chase Freedom and Discover. 3% times $2400 total gas run for 6 months out of the year = $72 - 39 still comes ahead by about $30.
But I will request a courtesy waive the first year. It is worth a try.
Taxi818
Thank you!
Close call. I'm very happy that they helped me out.
Many lessons learned